Public money of $475 million Canadian dollars will be given to Air Products & Chemicals Inc. for the energy complex that may turn the City of Edmonton into the hub of western Canada’s hydrogen economy.
That amounts to nearly $353 million in US dollars at the current exchange rate. The financing was announced by the federal and provincial governments of Canada. Three funds that support the economy and lower carbon emissions provide the funding.
Seifi Ghasemi, CEO, Chairman, and President of Air Products, said in a statement that the multibillion-dollar project in the Canadian province of Alberta will be a “first mover” in the drive to reduce carbon emissions from transportation and heavy industries.
The announcement made today, according to Ghasemi, “represents visionary leadership and a commitment to advance humanity in the energy transition.”
By 2050, Air Products wants to have net-zero carbon emissions. The business is making efforts to lessen emissions and its impact on the environment on various levels.
According to the announcement, work is already underway on the hydrogen energy complex in Alberta.
The largest hydrogen producer in the world is Air Products.
The New York Stock Exchange’s ticker symbol for the company’s shares is APD. At 2:43 p.m., the shares were up 1.8% to $282.59.